Q2 Only So-So? Well Panera, Buffalo Are Still Surging

Despite reporting so-so quarterly results after the close on Tuesday, shares of fast casual chains Panera Bread and Buffalo Wild Wings are sizzling in the stock market today as investors bet on stronger growth ahead. Panera's Q2 numbers were weak, but it said that same-store sales rose nearly 5% for the first 27 days of the current quarter, which is nearly double the comp growth it saw in the start of Q2. Buffalo Wild Wings also reported mediocre Q2 figures for the top and bottom lines, but said it's acquiring 41 franchised restaurants. Panera gapped up to a new high in giant volume, breaking out of a flat base with a 188.34 buy point and crossing the 200 price level for the first time. The stock is now up 16% this year. Buffalo also gapped up in huge volume, hitting its highest level since February. Shares are nearing a 195.93 buy point from a six-month-long price consolidation. Chipotle Mexican Grill topped earnings expectations when it reported results last week, but it missed on revenue as sales growth decelerated for a third straight quarter. Still, shares jumped on optimism for solid third-quarter same-store sales. Chipotle is now trading at new highs and in buy range from a price consolidation with a 728.07 buy point.